GenVec, Inc. (NASDAQ: GNVC) has entered purchase agreement with institutional investors to sell 14,000,000 shares of common stock and warrants for the purchase of 4,200,000 shares of its common stock.
The shares and warrants are being offered in units that contain 1 share and 0.30 warrants. A whole warrant allows for the purchase of 1 common share for $2.00 per unit. The warrants will have an exercise price of $2.75 per share and a term of five years.
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The company expects to receive gross proceeds of $28.0 million, and after the deduction of fees and expenses, the net proceeds are expected to be around $26.2 million. The company plans to use its proceeds to further develop its lead clinical program, TNFerade, and other general corporate purposes.
GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec's lead product, TNFerade™, is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer.
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